Are we over the worst? That's what economists are asking.

The Monetary Policy Committee (MPC) minutes are being interpreted by some as providing a more upbeat economic commentary.

The fact that the MPC opted for £50bn of money printing, not £75bn, suggests things aren't as bad as they could be.

Recent survey data and official statistics on trade and both the service and manufacturing sectors have been more positive. On Wednesday house builders Barratt Developments and Galliford Try reported strong results and provided evidence that consumers were recovering some of their poise. The American economic recovery appears to have taken a firm hold, China will experience bubbles but is not a bubble itself and even the eurozone seems capable of effective action.

Capital Economics is still assuming a Greek exit from the euro this year and it's right to assume that Athens remains a major problem on our doorstep.

Monday's bailout was a short-term debt refinancing, not an economic aid package. The structural problems that Greece faces have not gone away but are in fact getting worse. The advantages of staying in the euro no longer obviously outweigh the disadvantages of leaving, a truth rapidly dawning on the Greek electorate. A third bailout will have to be attempted before long and Greece remains a hugely disruptive threat.

Here, much depends on whether any consumer recovery takes hold, something America has managed. But UK incomes remain weak having been throttled by the MPC's track record on inflation. They may reach positive territory again by the end of this year, or more likely next, but relying on that would be a mistake.

Over the worst? A Greek-authored, Lehmans-style event is still highly likely, which will easily knock any anaemic recovery off track here. Most likely we've bumped upwards of late as we bounce along the bottom but are still going to experience disappointment as we jolt down again soon enough.